I see how it works.......

Acadamiacs in Stamford, CT? ... that's Liberal "Ground Zero". These GAAP monkeys are worse than Trial Lawyers!

...and, sure, I know what it was "supposed" to do, but what it "actually" did was destroy the economy...compliments of the CRA. FAS-157 froze credit markets...tell me it didn't! When FAS-157-4 was adopted, the economy (stock market, anyway) rebounded with a vengeance. In between, a hell of a lot of people had their investments destroyed.

If you can go back and read the FAS-157 RFC responses that preceded FAS-157-4, #21 was mine. ...and mine was one of the nice ones!

 

Still, I do not believe the FASB is developing GAAP for the purpose of advancing a LIberal political agenda. You'll have to provide a link to your response on FAS-157 RFC so I can read it.

 

I tried to find the link a while back, but couldn't find it. I'm sure it's still there...somewhere. I basically said that the CDO should be priced to cashflow (like bonds) instead of Zero...in an inactive market. The market would never have become inactive had the CDOs been priced differently...and the credit markets would never have locked up.

I never said that FAS-157 was used to promote a Liberal/Progressive agenda. It was just IDIOT Liberals being IDIOT Liberal...like they're doing now with Obamacare.

Liberal/Progressives DID change the Community Reinvestment Act and allow Glass/Steagal to be overturned to incentivize imprudent lending practices in support of their Constituents. They also put that policy on steroids when they forced Fannie Mae and Freddie Mac to buy these bad loans...all intended to buy votes at the expense of economic stability.